Anybody working in retail is familiar with the headache that shrinkage can cause. This $94.5 billion problem cuts into already slim profit margins, and forces businesses to either hurt the consumer with increased prices, or let go of talented employees in order to balance the books. Combating shrinkage while improving customer service has been RaptorVision’s core mission from day one, and we’re happy to say that our efforts are beginning to bare fruit.
The shoplifting epidemic has been particularly painful in cities like New York, where incidents have jumped by almost 45% since 2021. A potent cocktail of lax enforcement on the part of the police and local government, with a worsening economic climate will only make this challenge harder to surmount, which is why we were happy to see that the New York Post is highlighting technological solutions, including RaptorVision that can help combat shrinkage.
The Key; Too Much, Too Fast
There are a number of companies working to find solutions to the shrinkage crisis, but we believe that the key is to focus on the professional shoplifters. These individuals work in gangs, and will often grab thousands of dollars worth of goods in a single “job”.
Their approach is simple, they walk into the shop, and then rapidly begin filling their bags and pockets with large numbers of high-value items. They then bank on shop policy designed to protect employees preventing confrontation, and simply walk out of the shop before anybody can stop them.
They have to touch the product more times than normal,” to trigger a notification, Mullins said, adding that Raptor can also activate a speaker in the aisle that can be programmed to say among other things “customer service is on its way immediately to help you.”
New York Post
RaptorVision prevents this with the principle of Detect, Alert, and Deter. If someone is detected touching or grabbing items with a high regularity, or taking large numbers of items off the shelves, the RaptorVision solution alerts store management, and enables them to deter crime by informing the potential shoplifter that staff will be over to assist them shortly. This will typically make career shoplifters and Organized Retail Crime (ORC) gangs move on to softer targets, and help to reduce instances of high-value theft.
The way RaptorVision’s patented algorithms work is elegant in its simplicity. A normal customer acts differently than a shoplifter. With the right data, it is possible to identify those scenarios and use them to alert store employees to a potential theft before it happens.
We believe that this approach is more effective than facial recognition software. By relying on behavior instead of identity, we are able to catch not just known shoplifters, but new ones as well. Additionally, we are able to protect customer privacy, and help shop owners avoid non-compliance with incoming regulations regarding the use of Facial/Biometric tracking software in public places.
Read the full New York Post article here
Want To Learn How RaptorVision Can Help You Combat Shrinkage?
Our technology is designed to leverage your existing CCTV infrastructure, and represents an affordable way for retail businesses to reduce shrinkage. If you’d like to find out how RaptorVision can help you combat shrinkage and boost your bottom line, reach out to our team today.
